货币供给量对股价的影响性研究

从扩展的货币数量论出发，基于货币供给量与股价的时间序列季节调整后的数据，用HP滤波方法去掉各个时间序列的趋势项，研究各波动项之间联系，并在此基础上建立两变量无约束的VAR模型，分析货币供给量对股价的影响和贡献度。

The Study of Money Supply on the Impact of Stock Price

Started from the extended quantity theory for money and based on the seasonally adjusted data of the time series of money supply and stock price, this thesis employs HP filtering method to remove the trend items of all the time series and studies the linkages among the various volatile items. On the basis of the analysis, this thesis constructs unconstrained VAR model of two variables to analyze the money supply on the impact and contribution degree of stock price.